Swiss UBS faces trial over tax case in France

ZURICH: Swiss UBS and its French subsidiary face a trial in France over a tax case after authorities laid out charges against the pair, the Swiss bank said on Monday.

“We will now have the possibility to respond in detail in a court of law,” UBS said in an emailed statement. “UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made.”

Magistrates were expected this week to order a trial in the case, a judicial source said, after negotiations failed to produce a settlement in the long-running probe into allegations UBS helped clients avoid taxes.